Regions Bank launches Regions Auto Center to boost car deals

Regions Bank has launched the Regions Auto Center, at regionsautocenter.com, to deliver additional research and buying tools to its customers.

Powered by Santa Monica, Calif.-based TrueCar, the Regions Auto Center will allow customers to conduct research on various makes and models; get a quote toward the value of their own trade-in; connect with a dealer to complete a transaction; access financing offers; and receive quotes on auto insurance.

"Buying a vehicle is one of our customers' single largest financial decisions," says Tom Lazenby, senior vice president and head of Regions Dealer Financial Services. Lazenby confirmed in a statement that the new service would reach customers in all 16 of the states served by Regions.

Consumers do not need to have an account with Regions to utilize the platform, but the bank is not trying to take on the entire online car market. "The primary audience is Regions Bank customers who may be in the market for a vehicle," says Evelyn Mitchell, a spokesperson for the bank.

The TrueCar auto buying platform is a white label service -- that is, the California-based company partners with existing brands to deliver its service to consumers. For example, USAA and Consumer Reports have each partnered with TrueCar, and Mitchell confirms that other banks have used the company's services as well.

Mitchell says the move could help Regions capitalize on a growing business opportunity. "Auto is an area where we are seeing consumers begin to spend again," she says.